If your goal is getting out of debt, shuffling money around isn't going to do much and not your biggest issue. Changing spending habits and paying extra will work much better.
Originally Posted by
louisstone The best way to pay things off quick, in general, is to attack the highest rate card first. Make minimums on all cards and throw everything else you have at the highest rate. When that's done, move on to the next one.
Mathematically, you are correct. I'm more a believer of the snow ball method. Pay minimums on every debt and throw everything you can spare at the smallest debt to pay it off first. Do this regardless of interest rates. Once it's paid off, throw all that money onto the next smallest debt in addition to its minimum. And so on and so forth.
The issue with the highest interest first method is if it's a big loan, it'll take a long time to pay off and you loose emotional steam for not seeing the progress as easy. It becomes harder to keep to the plan. With the snow ball method, you may pay slightly more interest (even then probably not enough to worry about), but you see quicker rewards by paying off debts sooner. It works more in line with human nature of wanting that gratification sooner, rather than later, so it's easier to keep with the plan.
Either way works, I just think the snow ball has a higher chance of success.